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AlisonSolicitor
AlisonSolicitor,
Category: Law
Satisfied Customers: 287
Experience:  Expert
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I am divorced,74 and considering marriage ,will there still

Customer Question

I am divorced,74 and considering marriage ,will there still be an IHT liability on gifts made within the last 7 years to members of my family
JA: Where are you? It matters because laws vary by location.
Customer: uk , England
JA: What steps have you taken so far?
Customer: given around £700,000
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: no
Submitted: 5 days ago.
Category: Law
Expert:  AlisonSolicitor replied 5 days ago.

Hello, my name is***** hope you are well today. I am a qualified Solicitor, and I will be able to help you by providing you with an answer to your question today. I specialise in UK and Irish Law. I am not always online but rest assured if I do not respond immediately I will respond when I return.

Expert:  AlisonSolicitor replied 5 days ago.

Is there anything else you feel is relevant to your question or anything else you would like to add before we continue?

Customer: replied 5 days ago.
No,Thank you
Expert:  AlisonSolicitor replied 5 days ago.

Under UK Law, no tax is due on any gifts you give if you live for 7 years after giving them. This is known as the 7 year rule. If you die within 7 years of giving a gift and there's Inheritance Tax to pay on it, the amount of tax due after your death depends on when you gave it.

Expert:  AlisonSolicitor replied 5 days ago.

Is there anything else I can help with today?

Expert:  AlisonSolicitor replied 4 days ago.

Thank you for your question on JustAnswer. I am always available to help and please do let me know if you have any other questions I can answer for you.